Kitco News, Released on 5/11/26

With gold holding firmly above $4,700 an ounce and silver breaking into the $80 to $85 range, Pierre Lassonde returns to Kitco News to explain the architecture of the new bull market. The Canadian Mining Hall of Fame inductee and resource sector pioneer breaks down his $17,250 gold target, highlighting the striking parallels between the late 1970s and today’s macroeconomic environment. Lassonde details how $40 trillion in U.S. debt and persistent deficits are forcing a fundamental shift in the global financial architecture. He explains why central banks are relentlessly diversifying away from the U.S. dollar, driving physical price discovery to the East and treating gold as the “currency of last reserve”. Beyond the metal, Lassonde unpacks the immense optionality in mining equities today. He discusses why current stock prices fail to reflect the potential for 5x margin expansion, questions Barrick Gold’s current strategy, and calls out Canadian pension funds for their lack of domestic investment. Plus, he reveals why copper-gold deposits are the true “nirvana” of the mining sector in an electrified world.

00:00 Metals Surge Setup
00:40 Meet Pierre Lassonde
01:20 Dow Gold Target
01:52 1970s Replay Thesis
05:33 Debt Deficits Dollar
07:15 Gold Last Reserve
07:51 Parallel Payment Systems
11:41 Central Banks Drive
15:17 India Demand Shock
18:29 Shanghai Volatility
21:28 Mining Stocks Leverage
25:38 Majors Discipline Shift
28:34 Shareholder Returns First
30:12 Spotting Disciplined Miners
31:33 Orla’s Playbook
34:46 Jurisdiction Risk Discounts
36:00 Canada Policy and Pensions
45:06 Optionality Royalties and Copper

Pierre-Paul Lassonde is a businessperson who has been the head of 8 different companies. He is on the board of Franco-Nevada Corp. (former Independent Chairman), Gold & Silver Institutes and The Bishop Strachan School and Member of Order of Canada. In the past he was Director at New Gold, Inc., Chairman for Musée national des beaux-arts du Québec, President, Co-Chief Executive Officer & Director at Franco-Nevada Mining Corp. Ltd., President & Co-Chief Executive Officer at Euro-Nevada Mining Corp. Ltd., Chairman of Quebec National Art Museum, Chairman for World Gold Council Ltd. and Chairman for Canada Council for the Arts. Pierre-Paul Lassonde received an undergraduate degree from the University of Montréal, an MBA from the University of Utah and an undergraduate degree from Ecole Polytechnique.

  gold, investing, Pierre Lassonde